Tax Share In GDP Ratio Increased by Almost 1.5 Percent: Arun Jaitley

News World India | 0
| June 30 , 2018 , 13:59 IST

On the occasion of the first anniversary of GST implementation, Union Minister Arun Jaitley on Friday said that the tax share in GDP ratio has increased by almost 1.5 percent.

"This unprecedented taxation growth is a result of a number of measures adopted by the government including measures against black money, use of technology, demonetization, and the GST." Jaitley tweeted.

He also pointed out that most of these measures were severely criticized by the Congress Party.

“A large number of taxpayers in each of the four Budgets of the present Government has benefitted from relief given & at the same time tax revenue has substantially increased owing to transparency.” Jaitley further wrote.

“Higher tax collection would enable us to continue with the developmental programmes in the country, not to impose any extra burden on the taxpayers and yet maintain the targeted fiscal deficit,” he added.

Goods and Services Tax as a single consolidated tax has had a significant impact even on direct taxes. Those who have disclosed a business turnover for the GST now find it difficult not to disclose their net income for the purposes of income tax.

In four years of BJP government, the number of assesses has increased by 64.6%. The total number of returns filed was 6.86 crores in FY 2017-18 in which new assesses who filed returns in FY 2017-18 were 1.06 crore. The total income tax collection for the year 2017-18 is Rs.10.02 lakh crore, a four-year increase of 57%. Last year, despite formidable economic challenges, the income tax collection managed to grow by over 18 percent, according to Arun Jaitely post on facebook.

The Goods and service tax was launched on July 1, 2017, in order to give the country a smooth mechanism to file their taxes, thereby reducing the complexities in filing the tax.

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On the issue of the rise of Indian deposit in Swiss banks, Jaitley said that this news has led to misinformation on the yield of Government's anti-black money steps.

“Any illegal depositor in Swiss Bank knows that it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the Black money law in India,” he tweeted.